I have $650k mortgage loan. If I get money from my property from India and clear the loan , I can save the interest money and remove monthly payment burden. Is it wise and worth? Please let me know your thoughts. No trolls please. Thank you.
Not worth it. Property price is still going up in India. That's an investment that'll grow at a higher rate.
Not worth it. Having a mortgage reduces your risk exposure and also have potential for tax benefits subject to limits. I think having a property in India diversifies your risk as well.
Not worth it. Having a property in India is also hedging against the USD
Thanks for sharing your thoughts. The money is liquidated for next investment. That’s when I thought whether it’s worth to clear my debt here and asked for thoughts.
Taxes are pretty high here
I would recommend you to consult a CPA
Absolutely worth going into debt in a currency different from your income is what every financial advisor would recommend
Worth it...4.5 in the longer run is substantial....indian real estate is going down anyways after demonization (just compare your estate valuation in 2016 and 2018)...go for it and get out of 4.5
4.5 is nothing. Historically only after 2008 crash we had lower rates. And if rent etc covers mortgage and/or if that money is invested elsewhere and returns are more than 4.5 (easy), it anyway doesn't make sense.
Even if rent covers/ invested elsewhere...you still pay 4.5 regardless.
This is really a matter of comparing Investments..
You have to pay taxes on all money brought from another country if it is greater than 10 K and PRM limit of 5K
I would invest that money again in India...way much better appreciation in metro cities comapared to US....
Never be in rush to pay off debt to the bank!
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What is your interest rate and where is the money invested otherwise?
4.5 rate. Real estate
I probably wouldn't if your real estate is at least cash flow neutral